• Monero (XMR) is up 8% as capitalization unexpectedly jumps by $150 million

  • According to CoinMarketCap, Monero is once again leading the cryptocurrency market recovery, with an 8 percent price increase in the last 24 hours. Following the regulatory crackdown launched by various exchanges, particularly Coinbase, Monero experienced a surge in popularity.

    Monero (XMR) rose after the CEOs of several cryptocurrency exchanges voiced their concerns about storing digital assets on exchange accounts and asked customers to withdraw their holdings in noncustodial cold wallets.

    After European and American regulators compelled centralized cryptocurrency exchanges to freeze the accounts of specific users, a wave of bans and account restrictions hit the market. Because of this propensity on exchanges, the popularity of private cryptocurrencies such as Monero has skyrocketed.

    According to TradingView, XMR has increased in value by more than 27 percent since the end of January, reaching a local high of $278 at one point due to a shortage of liquidity on Binance. Despite the global financial market downturn, XMR has stayed in an upswing due to market buying power.

    According to technical indicators such as the Relative Strength Index, XMR is currently in a local uptrend, with the indicator’s value above 55. Monero’s capitalisation climbed to $3.37 billion as a result of the good price performance.

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